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Cracker Barrel Posts Upbeat Q3 Results; Shares Drop 2%

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Cracker Barrel Old Country Store (CBRL) fell almost 2% on May 25 despite the company’s announcement of strong fiscal third quarter results. The company engages in the operation and development of restaurant and retail outlets in the United States.

The company’s total revenues of $713.4 million surpassed the Street’s estimates of $659.5 million and jumped 65% from the year-ago period. The increase was attributed to improvements in both restaurant and retail comparable store sales.

Adjusted earnings came in at $1.51 per share, beating the consensus estimate of $0.26 per share.

Cracker Barrel CEO Sandra B. Cochran said, “As the ongoing recovery from the pandemic brings us closer to 2019 sales levels, I am confident our solid execution, unique brand, and the strategic initiatives implemented during the pandemic will support growth in long-term shareholder value.” (See Cracker Barrel stock analysis on TipRanks)

Furthermore, Cracker Barrel announced a quarterly dividend of $1.00 per share, payable on August 6, 2021.

For fiscal Q4, the company expects total revenue to be flat versus revenues in fiscal Q4 2019. The consensus estimate for the same is pegged at $773.3 million.

Following the earnings announcement, Truist Financial analyst Jake Bartlett increased the stock’s price target to $171.00 from $160.00, implying 8.4% upside potential. He reiterated a Hold rating on CBRL stock.

Overall, the stock has a Hold consensus rating based on 1 Buy, 4 Holds, and 1 Sell. The average analyst price target of $173.20 implies 9.8% upside potential from current levels. Shares have increased 45.6% over the past year.

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